Netflix is set to release an eight-episode miniseries titled The Altruists, which chronicles the rise and fall of the cryptocurrency exchange FTX. The series will start streaming on November 19 and features Anthony Boyle as Sam Bankman-Fried and Julia Garner as Caroline Ellison. The trailer highlights the meeting of the two and how Ellison's "all in" mentality influenced their business decisions.
Sam Bankman-Fried co-founded FTX with Gary Wang, offering crypto exchange and hedge fund services. The exchange was originally part of Alameda Research, a trading firm co-founded by Bankman-Fried and Ellison, who later became romantically involved. They shared a belief in "effective altruism," advocating for high-income jobs with the goal of donating earnings to charities.
FTX was once among the world's largest cryptocurrency exchanges, handling a daily trading volume of $10 billion. However, it collapsed rapidly in 2022 when its native token's price plummeted and users withdrew funds fearing a liquidity crisis. This led to the discovery that $8 billion of customer funds had gone missing. In court, Ellison testified that Bankman-Fried directed her to use customer funds for personal property purchases, political donations, and funding Alameda Research.
Bankman-Fried was found guilty of seven counts of fraud and conspiracy in late 2023 and was sentenced to 25 years in prison. He recently attempted to appeal his conviction, but the appeal was denied by an appeals court.